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MIE 201 Exam 5 Smartbooks Questions With Solutions 100% Solved
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MIE 201 Exam 5 Smartbooks Questions With Solutions 100% Solved The internal use of accounting statements by managers in planning and directing the organization's activities is known as __________ accounting. managerial/management __________ is an intangible asset that reflects an organization...

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  • October 7, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved

The internal use of accounting statements by managers in planning and directing the

organization's activities is known as __________ accounting. managerial/management




__________ is an intangible asset that reflects an organization's positive reputation.

Goodwill




People both insider and outside of an organization use accounting tools to evaluate

organizational operations. True




In order to keep the accounting equation in balance, each business transaction must be recorded

in two separate accounts. True




CPAs pass and obtain their certification through the federal government. False




Heather works at Big City Bus Corp. It is her job to record the day-to-day financial transactions

of the company, including paying utilities and accepting bill payments. Heather works as a

___________. Bookkeeper

, MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved

The accounting cycle is a ______-step process. Four




The internal use of accounting statements by managers in planning and directing the

organization's activities is referred to as __________. Managerial accounting




Economic resources owned by a firm are called ____________. Assets




What are two commonly-known financial statements a company would use? - Income

statement

- Balance sheet




The goal of double-entry bookkeeping is to ____________. Maintain the balance of the

accounting equation




Which report summarizes an organization's profitability over a specific period, which may be a

week, a month, or a year? Income statement

, MIE 201 Exam 5 Smartbooks Questions With
Solutions 100% Solved
What are the four steps in the accounting cycle? - record transactions


- prepare financial statements

- post transactions

- examine source documents




The ________ format balance sheet is newer and gaining wide acceptance. It shows assets on the

top followed by liabilities and owners' equity. Vertical




An expense account provides an explanation of how the company's cash changed from the

beginning of the accounting period to the end. False




All financial statements follow the exact same format under government regulations.

False




By its very design, the ________ offers one of the clearest possible pictures of the company's

overall revenues and the costs incurred in generating those revenues. Income statement




A ratio analysis combines information from which two reports? - balance sheet

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